Specifically, a call to (org-end-of-meta-data t) with point at the > on the following tree will go all the way to the next heading.
In contrast, a call to just (org-end-of-meta-data), without the FULL flag, will go to the beginning of heading content, as expected.
* >heading


* another heading


The issue arises from the code for skipping clock lines, which does so by checking if point is looking at (concat "[ \t]*$" "\\|" org-clock-line-re).
I'm not sure of the intention of the first alternative, the "[ \t]*$", but it matches an empty line, and so the loop advances point to the next line, until reaching the next heading in the case above.